I can't resist mentioning a favorite algorithm of mine for solving a related problem. It generalizes the algorithm for the classic problem of finding the majority element (one which occurs at least 50% of the time) with a single pass over a stream, using a constant amount of space, and a second sieving pass. It's one of those simple gems you wonder why it took so long to discover.
http://www.cs.yale.edu/homes/el327/datamining2011aFiles/ASim...